KFL - discount to diluted NAV

[shasta]

Well said Rif Raf, one of Warren Buffets key elements is to buy a $1's worth for less thus creating a margin of safety, that is what KFL was offering, & those of us that saw the opportunity got in & saw the SP increase & the difference in NAV decrease

[shasta]

I see KFL have bought just over another million shares in DGL & now have 7.57% of the company.

Given that they now have approx $15m invested in this company, it must surely be a core holding & no longer consisted a Nursery holding.

Another $5m investment(approx) & we get to the magic 10.01%, which i'd imagine is the aim.

Am watching the SSH notices with interest.

[Bobby_Fischer]

Shasta, I think yesterdays SSH relates to all holdings in DGL managed by Fisher Funds, meaning only a proportion are KFL assets.

[shasta]

Thanks for that Bobby, quite correct!

[Ttops]

quote:Originally posted by shasta

I see KFL have bought just over another million shares in DGL & now have 7.57% of the company.

Given that they now have approx $15m invested in this company, it must surely be a core holding & no longer consisted a Nursery holding.

Another $5m investment(approx) & we get to the magic 10.01%, which i'd imagine is the aim.

Am watching the SSH notices with interest.

So am I shasta

Carmel is clearly buiding up both DGL and RAK and when both reach 10% in Fisher Funds its as good as being in KFL anyway. I suspect about 5% of KFL capital is in RAK and 3.5% is DGL now. Still about 6% discount to dil NAV I suspect the dil NAV to be 1.39-1.40 range and KFL hasn't bought back any shares since $1.25 on the 5th of July so fairly valued around the 1.32 mark imo. She still has plenty of cash to buy up RAK and DGL as they become undervalued but what is her self imposed limit for these nursery shares. 5%?

Treetops

[shasta]

Not far off there Treetops, $1.41 as @ 26 July

http://www.nzx.com/market/market_ann...pany?id=134569

Special divvie of 2.5cps to be paid 4th August so closing at $1.32 ex divvie isn't too bad at all!

[Ttops]

quote:Originally posted by shasta

Not far off there Treetops, $1.41 as @ 26 July

http://www.nzx.com/market/market_ann...pany?id=134569

Special divvie of 2.5cps to be paid 4th August so closing at $1.32 ex divvie isn't too bad at all!

I'll go for 1.40 disc to NAV at 16th Aug and 7% discount at sp 1.30
Pretty stable around the 6%[u]+</u>1 discount now.
Suspect RAK now about 5.5% of KFL with the 1% increase. Now at 7.57% owned by Fisher funds.
http://stocknessmonster.com/news-ite...S=RAK&N=135486

Quite a few KFL shares in this list.SciTech Seminar Presentations

Comvita
Livestock Improvement Corporation
Connexionz
Wool Equities
Genesis
VTL Group
ICP Bio
Windflow
Scott Technology
Fisher & Paykel Healthcare
Renaissance
Cadmus
Software of Excellence
Finzsoft
Provenco
A2 Corporation
Rakon


http://www.nzx.com/nzxmarket/aug_seminars
Treetops
You may get your GPG soon Shasta

[shasta]

I may however there are plenty of options around at the moment, but still in KFL & happy to be.

[rmbbrave]

Kingfish interim profit up 16 per cent

3.40pm Wednesday November 1, 2006


A payout from the sale of Waste Management has helped lift investment company Kingfish's interim profit by 16 per cent .

Net profit was $18.4m, up 514 per cent, compared to $2.99m in the previous corresponding period at the end of September 2005.

Total revenue was $21.3m, up 493 per cent ($3.59m).

The surplus included $13 million of unrealised gains on investments held, and about $6 million from realised gains on investments sold.

No interim dividend was declared but the company said a final dividend would be considered after the annual result to March.

Portfolio manager Fisher Funds said the Kingfish portfolio had flourished during the period despite a relatively flat local sharemarket and limited portfolio activity.

It said that "were it not for a bout of corporate activity and a couple of successful IPOs, the performance of the New Zealand sharemarket over the past six months would have been as bad as, or even worse than commentators have been predicting".

The first half of the period had been characterised by a 10 percet fall in Telecom's share price to a 13-year low as a result of regulation and fears of regulatory creep in other sectors, hitting Sky TV and Vector hard also.

However, Fisher Funds said Telecom had never been part of its portfolios, which favoured growth companies, and this preference had paid off.

Hawkish comments from the Reserve Bank and continued debate about regulatory authorities had made the second quarter little better, but corporate activity in The Warehouse had provided a distraction.

The reporting season had provided few real disappointments, and a handful of very good profit results including Mainfreight, Delegat's and Ryman Healthcare.

Best share price performers had been Ryman Healthcare (up 34 per cent), Metlifecare (up 47 per cent), Mainfreight (up 40 per cent) and Rakon (up 113 per cent, over its issue price).

Fisher Funds said its view of the world had not changed over the past six months.

"We know that operating conditions are more difficult for New Zealand companies than they were at this time last year...

"Rather than us second-guessing interest rate and currency trends, and how they might impact our companies, we focus on communicating with our companies to build a deep understanding of their strategies and management approach."

Shares in Kingfish shares traded between $1.11 and $1.40 during the period. They were unmoved today at $1.30.

Earnings per share were 31c per share, up from 5c per share at the end of the first half last year.

Operating expenses of $2.9 million represented 2.6 per cent of total assets, in line with the budget.

Kingfish's net asset value per share rose 16 per cent during the six months from $1.58m to $1.84m, after the deduction of Treasury Stock and a performance fee of $1.67m to Fisher Funds for exceeding the benchmark rate of 7 per cent.

At September 30, Kingfish had bought back 2.97m shares and 3.2m warrants under a buyback programme. Just over 2 million shares were reissued, and its buyback programme would continue, the company said.

- NZPA

http://www.nzherald.co.nz/section/st...ectID=10408675

[shasta]

P/E ratio on $1.30 SP with earnings of 31cps = approx 4 = cheap cheap cheap.

Am predicting a final dividend of 4.5 - 5.0cps.

The buyback should see the SP slowly heading north, any happy warrant holders out there looking to convert?

Disc: Hold KFL